P2 Gold begins drilling at Gabbs and provides project update

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VANCOUVER, British Columbia, January 13, 2022 (GLOBE NEWSWIRE) – Gold P2 inc. (“P2” or the “Company”) (TSX-V: PGLD) announces that it has commenced phase two drilling and provides an update on recently completed and ongoing activities on its Gabbs project located on the Walker-Lane trend in Nevada.

Gabbs phase two drilling program underway

Gabbs’ phase two drilling program began with the mobilization of a reverse circulation (“RC”) rig to the site. The Phase Two drill program is expected to total approximately 4000 meters of RC drilling in 20 holes. The majority of the drilling program will focus on definition drilling in the Lucky Strike zone, with other holes designed to test the extension of the Lucky Strike and Car Body zones.

Gabbs first phase drilling program

Results from the last four RC drill holes of the first phase of drilling in the Car Body (GBR-024 to 026) and Lucky Strike (GBR-027) zones have been received. Selected drill results (see Table 1 below for drill results) from holes GBR-024 to GBR-027 include:

  • Hole GBR-024 intersected 1.13 g / t gold over 28.96 meters, including 12.19 meters grading 2.35 g / t gold; and
  • Hole GBR-026 intersected 1.09 g / t gold over 45.72 meters, including 15.24 meters grading 1.57 g / t gold and 12.19 meters grading 1.39 g / t gold.

Drill holes GBR-024 to 026 were designed to test mineralization in the Car Body zone, which is the lowest tonnage, highest grade gold zone on the property. Gold mineralization at Car Body is interpreted as low sulphidation epithermal mineralization and is open in all directions.

Hole GBR-027 confirmed the continuity of gold-copper mineralization northeast of the Lucky Strike zone, and that the zone remains open to the east. Gold-copper mineralization at Lucky Strike, such as in the Sullivan and Gold Ledge zones, is hosted by a set of volcanic rocks and is interpreted to be related to an alkaline gold / copper porphyry.

Drawings and sections of drill holes GBR-024 to 027 from the Gabbs Phase One drill program are available here.

Update of Gabbs mineral resources and other project activities

The Gabbs project’s mineral resources are being updated and are expected to be completed this quarter. The mineral resource update will incorporate results from the Gabbs phase one drilling program completed in 2021 and the phase one and two metallurgical programs.

Phase two of the metallurgical program is underway and is expected to be completed this quarter. The program is expected to determine the preferred extraction process to use as the basis for a preliminary economic assessment slated for completion by the end of 2022.

In the field, a 25.7 linear kilometer natural source magneto-telluric (“NSMT”) survey was completed on the project covering the four known zones of mineralization and promising locations of the potential source of gold-copper porphyry in depth. Based on the results of the NSMT survey, an infill 22.5 line kilometer NSMT program has started over areas likely to host the gold-copper porphyry source.

Gabbs technical report

The Company has filed a technical report on National Instrument 43-101 on Disclosure Standards for Mining Projects (“NI 43-101”) entitled “Amended and Restated Mineral Resource Estimate of the Gabbs Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA ”, with an effective date of January 13, 2021 (the“ Gabbs Technical Report ”). The Gabbs Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.p2gold.com.

The Gabbs Technical Report was prepared by Eugene Puritch, P.Eng., FEC, CET, Richard H. Sutcliffe, Ph.D, P.Geo., Fred Brown, P.Geo., Jarita Barry, P.Geo of P&E Mining. Consultants Inc., each of which is a “qualified person” within the meaning of NI 43-101 and independent of the Company. The Company hired Fred Brown as Exploration Director on July 1, 2021.

There is no significant difference between the mineral resources in the Gabbs technical report and those contained in the company’s press release of February 23, 2021.

Table 1: Drill results from selected Gabbs, January 2022 (GBR-024 to GBR-027)(1, 2)

Hole Collar coordinates Soak/
Azimuth
From
(m)
AT
(m)
Interval
(m)
Gold
(g / t)
The copper
(%)
AuEQ(3)
(g / t)
CuEQ(3)
(%)
Bodywork area
GBR-024 N4291395 / E416079 -90/0 53.34 82.30 28.96 1.13
Including 53.34 65.53 12.19 2.35
GBR-025 N4291382 / E415970 -90/0 0.00 19.81 19.81 0.78
Including 10.67 18.29 7.62 1.46
GBR-026 N4291326 / E415608 -90/0 16.76 62.48 45.72 1.09
Including 22.86 38.10 15.24 1.57
including 50.29 62.48 12.19 1.39
Lucky strike zone
GBR-027 N4293940 / E415598 -65/0 140.21 199.64 59.43 0.41 0.34 0.81 0.66
including 140.21 169.16 28.95 0.56 0.43 1.06 0.87

(1) Actual thickness to be determined.
(2) All samples were submitted for preparation by ALS Global at its facilities in Elko, Nevada, and analysis was performed at ALS Global’s facilities in Reno, Nevada and North Vancouver, British Columbia. All samples were analyzed by multidigestion with ICP finish and fire assay with AA finish for gold. Samples containing more than 10 ppm gold were subjected to fire assay with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 had a sample cut from analytical rejects analyzed as a duplicate in the field.
(3) Gold equivalent calculations were consistent with Gabbs’ mineral resources, which used US $ 1,600 per ounce of gold, US $ 3.00 per pound of copper, and copper recoveries of 90%. See the Gabbs technical report.

Quality assurance

Ken McNaughton, MASc., P.Eng., Exploration Director, P2 Gold, is the Qualified Person, as defined by NI 43-101, responsible for the Gabbs project. Mr. McNaughton has reviewed, verified and approved the scientific and technical information contained in this press release.

Other news

P2 has filed an NI 43-101 Technical Report entitled “NI 43-101 Technical Report on the Silver Reef Property, Omineca Mining Division, British Columbia, Canada”, with an effective date of December 31, 2021 (the “Silver Reef Technical Report ”). The Silver Reef Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.p2gold.com.

The Silver Reef Technical Report was prepared by Ken McNaughton, MASc., P.Eng., Exploration Director, P2 Gold, a “Qualified Person” as defined in NI 43-101.

P2 also announces that it has launched a new corporate website at www.p2gold.com.

About P2 Or inc.

P2 Gold is a mining exploration and development company focused on advancing discoveries and acquisitions of precious metals and copper in the western United States and British Columbia.

For more information, please contact:

Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws which are intended to be covered by the safe harbor rules created by such laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “continue yet,” this or comparable terminology. This forward-looking information includes, but is not limited to, information regarding the Company’s expectations, strategies and plans for the Gabbs Project, including the Company’s anticipated expenses and exploration activities.

Forward-looking information is not a guarantee of future performance and is based on a number of management’s estimates and assumptions at the date the statements are made. In addition, this forward-looking information involves a variety of risks, uncertainties and other known and unknown factors which may cause the Company’s plans, intentions, activities, results, performance or actual achievements to be materially different from any the future plans, intentions, activities, results, performances or achievements expressed or implied by this forward-looking information. See “Risk Factors” in the Company’s Annual Information Form dated August 9, 2021 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Therefore, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company assumes no obligation to publicly release revisions to any forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

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